Archive for the ‘Uncategorized’ Category

Merchant Account Services | Betting Advice & Gambling Tips

Tuesday, November 14th, 2017

merchant services for gambling advice businessesAre you in need of a merchant account solution for your gambling advice and betting tips business? You’ve come to the right place!

These days many people engage in sports gambling and betting for recreational excitement. The smart gamblers do their research and study odds to minimize losses.

The smartest gamblers seek the assistance of businesses that provide professional gambling tips and betting advice services.

These businesses can offer their services to customers anywhere in the world, as long as they have a reliable payment processing solution in place to collect payments from customers.

At The Transaction Group (TTG) we can help. We offer domestic merchant account services for gambling tips and betting advice businesses like yours.

High Risk Credit Card Processing

If you’ve already spoken to a credit card processing provider you may already be aware of the challenges facing your business.

Even though your business provides a valuable service to betters and gamblers and has little to do with gambling itself, it is classified as high risk just like gambling sites and institutions.

It’s hard enough for a high risk industry business to get approved for a ‘card present’ or customer facing domestic merchant account solution. An approval for a ‘card not present’ solution, as is the case with online sales, can be nearly impossible.

What’s the reason for this? Mainly, the risk averse nature of most merchant services companies.

Businesses like yours that sell non-tangible goods or services online historically face higher chargebacks by customers that feel they didn’t receive what they paid for.

Unfortunately it’s very difficult for any of these businesses to defend themselves against customers that feel that way or that may be playing the system. Banks almost always side with the customer.

While it may seem that chargebacks only negatively affect the merchant, the fact is that they also negatively affect the merchant account services provider. Providers can be monetarily penalized by the credit card brands for having merchants with chargeback ratios as low as 2%.

With this risk thrown into the mix, it’s easy to understand why merchant services providers avoid high risk businesses altogether.

The Transaction Group for Your Business

TTG has been assisting businesses around the globe with payment processing needs since 2004. And when it comes to high risk, we are the experts.

There are some offshore providers that willingly offer merchant account services to gambling advice and betting tips businesses. However these offshore solutions are very risky for merchants.

Aside from the high rates and withholding of up to 25% in reserves for 6 months or longer, some of these offshore providers have been known to shut down accounts without notice and hold a merchant’s funds indefinitely.

Before you contact any other providers in your search for a credit card processing solution, you’ll want to talk with us first.

At TTG, we will save you time and frustration by delivering you the best payment processing solution for your business’s needs.

Through our many banking relationships, we offer multiple domestic payment processing solutions. We work to have every merchant approved for credit card processing services in as little time as possible.

If you’re ready to get set up with a merchant account for your gambling advice and betting tips business, call us today at 888-383-8056. We look forward to working with you.

 

Apply Now

 

 

Free Merchant Account Services

Tuesday, October 24th, 2017

free merchant account servicesWouldn’t it be nice as a business owner to have free merchant account services? Yep! And it’s actually possible!

At The Transaction Group (TTG) we have a solution that allows businesses to process credit cards via their merchant account for free. But before getting into how this works, let’s go back in time and review the early years of merchant accounts.

The Youth of Credit Card Processing

In the 1950’s, technology was advancing at a rapid pace. Although the idea of paying on credit was nothing new, the invention of a plastic payment card with a magnetic strip certainly was. These nifty pieces of plastic provided a value-added benefit to both consumers and merchants.

The credit card offered incredible convenience for consumers, allowing them to make purchases for goods without the need for cash. Consumers began to subconsciously and consciously spend more money and make larger purchases, knowing that they would not have to pay right away.

Every merchant that chose to accept credit card payments benefitted through higher sales revenue from customers. Merchants loved the new ‘buy now, pay later’ concept.

This concept seemed like a win-win for everyone. Well, maybe not. In order for a merchant to accept credit cards, a service is required that somebody has to pay for. The providing of free merchant account services was never part of any plan.

In addition to the upfront costs for the development of card reading equipment, the financial institution pioneers had costs associated with facilitating transfers of funds from the buyer’s bank to the seller’s bank. Also, these financial institutions carried the costs of the risk of facilitating a bad transaction.

The founding credit card companies created a rate system to cover costs as well as profit from the new system. This rate system, now known as interchange, allowed credit card issuing companies to take a small percentage of each sale.

Today, many banks and financial institutions issue their own credit cards on behalf of the 4 major credit card brands. In order for a merchant to process the transaction, companies called merchant account providers are required. These companies earn a very small percentage of each transaction. The bulk of the processing or transaction rate is the interchange fee.

Merchants & Merchant Accounts

As stated above, merchants enlist the services of a merchant account provider in order to make the whole transaction work. The merchant is responsible for the costs associated with these services. Consumers, however, may not ever consider that every time they swipe a card, it costs the merchant money. For all they know merchants get free merchant account services from the credit card brands.

Interchange rates are adjusted as much as twice per year by the credit card brands. These rates usually go up, not down. When rates go up, the merchant’s rate from their merchant account services provider goes up. While an average credit card processing rate may be about 2.5%, business credit cards and rewards credit cards can cost a merchant between 4-5%.

A customer is provided with the convenience of paying with a card and can even earn money using it, but the merchant has to pay fees for that customer’s convenience? Hmm. Doesn’t that sound backwards?

Well, to most of us, yes. And that’s why our free merchant account services solution was created.

Cash Discount Pricing Model

Merchant accounts will always have a fees attached to them. Even if a merchant services provider were kind enough to offer their services for free, there’s no getting around the interchange rates.

So, technically speaking, our free merchant account services solution is not free. But it becomes free based on this unique model.

The model is called cash discount pricing. Rather than charging customers a fee or surcharge for using a credit card, a common but illegal practice in many states, customers receive a lower price on products when they pay with cash.

A merchant has the ability to set a standard price for their goods and services and set a cash discount price for customer that decide to pay with cash.

If prices are set accordingly, the difference in pricing for customer using a card will offset the credit card processing fees, essentially making this a free merchant account services solution.

The determination of pricing is the responsibility of each merchant. Many merchants prefer to offer small cash discounts, yet are still able to cut down on fees by up to 90%.

Our system enables each merchant to set a cash discount price between 1% and 4% or even flat dollar fee per transaction. Our system automates the entire process, so that a merchant never has to remember to manually calculate a reduced price at the point of sale.

Get Started Today

As logical as it is, you may be with us in wondering why this solution wasn’t the plan from the start. We can’t answer that. What we can say is that this solution is a ‘no-brainer’ and every merchant should be using it.

So if you’re tired of paying high credit card processing fees and are ready to get set up with our free merchant account services solution today, give us a call. We look forward to saving your business money. 888-383-8056.

 

CBD Oil Online Sales Merchant Account Services

Wednesday, August 9th, 2017

cbd oil merchant account servicesAre you in search of a cannabis or cannabidiol (CBD) oil online sales merchant account services solution for your business? You’ve come to the right place!

At The Transaction Group (TTG), we’ve been working with the cannabis industry since 2010.

We are known for our support of and service to the legal marijuana industry in the United States.

And, we are known for our commitment to the high risk merchant account industry as a whole.

When it comes to high-risk payment solutions, we are experts.

Together with our banking partners, we are able to help all high-risk industry businesses in the U.S. with their credit card processing needs, including setting up CBD oil online merchants or retailers with merchant account services solutions.

Unfortunately, businesses in the payment processing and the CBD industries don’t always partner as easily as we would hope. Many banks and merchant account services providers choose not to work with businesses in this industry simply because they are guilty by association with the marijuana industry.

TTG understands the frustration that CBD merchants have faced in recent years. Without a card processing solution with a payment gateway from a merchant account services provider, high risk online merchants have virtually no way of running a business.

Of course there are always risky offshore merchant account services providers willing to take advantage of businesses in these predicaments. These businesses make a lot of money charging rates as high as 10% as well as including high reserve requirements.

If it sounds like a sketchy solution from the get go, merchants should be leery. If possible, it’s best to avoid any payment processing provider with an offshore solution located in a 2nd or 3rd world country.

Since 2004, TTG has been building relationships with banking partners in the U.S. as well as other 1st world countries in order to offer merchant account services to businesses in need.

We gladly support the cannabidiol industry and are happy to offer merchant account services solutions these industry businesses.

Our solutions allow online CBD merchants like yours to have legitimate credit card processing solution in place so that you can efficiently run your online cannabis oil business without any headaches or hang ups.

Our solutions use a US payment gateway and are easily integrated with any online shopping cart. Setting up a CBD merchant’s online store is fast and easy.

And our merchant account solution includes a virtual terminal. With this virtual terminal in place, merchants have the ability to key-in transactions for customer purchases. This feature is excellent for over the phone orders as well as face-to-face transactions at conventions and industry events.

TTG makes the entire setup process as painless as possible. There are:

  • No application fees
  • No setup fees
  • No early termination fees (no long-term contracts)
  • Fast approval & setup

With our streamlined application, approval and setup process, most merchants can be approved in as few as 2 business days and set up to process credit cards in just 2 weeks.

We’ll help you get started on your application and have you on your way to accepting credit cards at you online CBD oil store.

If you are interested in learning more about our CBD online sales merchant account services or ready to get started, contact us today at 888-383-8056.

 

Apply Now

 

 

Marijuana Dispensary Banking & Credit Card Processing Services

Wednesday, June 28th, 2017

marijuana dispensary bankingHere at The Transaction Group, we understand the frustration that many marijuana dispensaries face every day. Although these businesses are legal and licensed businesses in states that have voted ‘Yes’ to marijuana, banking & credit card processing services are often not available to these businesses.

Financial institutions, especially those federally insured by the FDIC, are very careful and very conservative. Therefore, their position is somewhat understandable. The fact is that marijuana remains a Schedule 1 drug under the US Government’s Controlled Substance Act.

There was much hype and even more hope that marijuana would be reclassified to Schedule II drug during the last Administration, which would have eased tension in regard to marijuana banking and credit card processing services. That’s not likely to happen for a long time.

Hurdles for Marijuana Dispensaries

Possibly the greatest obstacle for dispensary owners has always been cash management. Many of these businesses do not have bank accounts or banking services. To them, cash management means paying vendors with wads of cash stuffed in paper sacks and determining new places to hide trash bags full of cash.

This cash on hand dilemma is alleviated to a degree by having a credit card processing solution that allows customers to pay with plastic instead of paper. But the question is then, where does a dispensary that can’t even get a bank account get a merchant account to process credit cards?

In the olden days (pre-2012), there were banks and processors that still offered merchant account services to dispensaries. In July 2012, that ended. Dispensaries lost this value-added customer convenience overnight as the last marijuana dispensary credit card processing provider pulled out completely.

After that ugly July, processors scrambled to come up with clever new solutions that would allow dispensaries to accept credit card payments from customers. These solutions worked as a temporary fix in the absence of traditional style merchant accounts.

Some solutions were super high-risk offshore merchant accounts with insanely high rates and reserve requirements. Some were well-developed solutions that enabled customers to use a credit card to load a gift-style card and swipe that card at checkout. Those solutions even offered nifty services like armored car cash pick up and a cash depository with online access.

Unfortunately for dispensaries, but also thankfully for dispensaries, these solutions would prove to be not so good.

Marijuana Dispensary Banking & Credit Card Processing in 2017

It would be a safe bet that it will be another 4 years before marijuana becomes a Schedule II and that banks in the United States begin to adopt cannabis related businesses into their portfolios.

However, The Transaction Group is excited about now. We’re confident that 2017 is going to be a big year for the industry and cash management.

Through one of our banking partners, we’re helping to launch a new solution that completely covers cash management. This solution includes marijuana dispensary banking with an account for cash deposits and paying bills as well as a true credit card processing service.

This program is a FINCEN compliant meaning it is a US Treasury approved solution that adheres to all state and federal laws.

There are:

  • No setup fees
  • No equipment fees
  • No monthly fees
  • No contract or early termination fees
  • No reserves

We’re excited to introduce this banking and cash management program to marijuana dispensaries in the US and partners of The Transaction Group.

If you’d like more information on our marijuana credit card processing, cash management banking solution give us a call today. 888-383-8056.

 

 

Terpenes Merchant Account Services

Thursday, May 4th, 2017

terpenes merchant servicesAre you a terpenes retailer or wholesaler in need of merchant account services? The Transaction Group (TTG) has the solution for your business’ needs.

At TTG, we know the cannabis industry well. We know how important terpene oils are to the creation of fine cannabis products as well as their use in vaping. But what we know best are merchant account services.

Whether you sell terpenes directly to consumers or operate in a business-to-business sales environment, we can help your business growth through our services.

TTG & The Cannabis Industry

While cannabis growers and marijuana dispensaries rely on your terpenes business for their assortment of products, these same businesses rely on TTG for non-cash payment solutions.

Since 2012, we’ve been assisting marijuana dispensaries in throughout the U.S. with merchant account services that allow these businesses to accept major credit cards from customers.

Our credit card processing solutions have become a favorite of hundreds of marijuana dispensaries operating in the United States.

Not only do our services allow these businesses to offer a value-added convenience to their customers, but also, our services help to alleviate the dangers associated with running a cash-only business.

We can help your terpenes business operate to maximum efficiency by offering you a merchant services solution specific to your business requirements, allowing you to accept credit card payments from your customers.

TTG & High Risk Merchant Account Services

Often businesses in the higher risk realm waste time and money working through a merchant account approval with a provider, only to later be declined. We hear it all the time from businesses that reach out to us.

With TTG, you’re in good hands. We are experts in the high-risk credit card processing field and have solutions for virtually all high risk businesses, including online terpenes stores or retailers.

Together with our banking partners, we are able to offer the best credit card processing solutions for businesses that fall into the high risk classification.

Apply for Merchant Services for your Terpenes Business

Although approvals for higher risk businesses can take more time than standard low risk merchant account services, we work diligently through the application and underwriting process to get your business up and running as soon as possible.

If you’d like to learn more about a terpenes merchant account to process credit cards at your business, give us a call at 888-383-8056 or complete our contact form and we will be in touch with you right away.

We look forward to working with you!

Apply Now